Under the United Nations Convention on the Recognition and Enforcement

question 29

Multiple Choice

Under the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards,which of the following is true regarding defenses to an arbitration award?

• A)The only three recognized defenses are 1)that the arbitrator acted outside the scope of her or his authority when making the decision;2)that one of the parties to the agreement did not have the authority to enter into a legal contract;and 3)that the losing party did not receive notice of the arbitration.
• B)The only defense recognized is that the losing party did not receive notice of the arbitration.
• C)The only two recognized defenses are 1)that the arbitrator acted outside the scope of her or his authority when making the decision and 2)that one of the parties to the agreement did not have the authority to enter into a legal contract.
• D)The only two recognized defenses are 1)that one of the parties to the agreement did not have the authority to enter into a legal contract and 2)that the losing party did not receive notice of the arbitration.
• E)There are no recognized defenses.

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Definitions:

Price-Output Decisions

Determinations made by companies regarding the price levels and quantity of goods or services to produce, based on factors like cost, demand, and competition.

Oligopoly

A market structure characterized by a small number of firms dominating the market, leading to limited competition.

Pure Monopoly

A market structure where a single firm controls the entire market supply of a product or service, with no close substitutes available, enabling price setting power.

Entry of New Firms

The process by which new companies can enter an industry, often affecting competition levels, market share, and innovation.